Government of
Meghalaya
Budget Speech

1975 – 76

By

Shri Brington Buhai
Lyngdoh

Finance Minister,
Meghalaya

12th March,
1975

Mr. Speaker, Sir,

I rise to present the Budget
estimates of the Government of Meghalaya for the financial year
1975-76.

Economic situation

The year 1974-75 has been
one of the most difficult periods in the economic history of the
country. During this period inflationary increases in prices had reached
an all time high level. This was due to various factors both internal
and international. The international factors were mainly the rise in
price of crude oil and other petroleum products as also of the
foodgrains in the international market. The erratic behavior of monsoon
resulted in shortfall in agricultural production in the country.
Moreover, there were difficulties in respect of power generation. As a
combined effect of all these factors, the rate of growth of economy
slowed down and some stagnation was noticed in the sphere of industrial
production. There was a continuous upward trend in prices. The wholesale
price index, with 100 (in 1961-62) as base, which had risen to 263.9 on
22nd December, 1973, reached the level of 328.7 in September, 1974.

Corrective measures

2. With a view to curbing inflationary trends, the
Government of India took corrective measures. Maximum
possible economy was effected in the non-plan expenditure and
every attempt was made to keep deficit financing within reasonable
limits. In regard to the plan expenditure, there was more emphasis on
productive schemes and core sectors. A number of ordinances were
promulgated which have since become law. The object of these
measures was to restrict the money supply and the purchasing power in
the hands of the people so as to reduce the imbalance between demand and
supply. Restrictions were also imposed on the payment of dividends by
the companies. Another measure undertaken in this regard provided for
compulsory deposit of specific portion of income by those in
relatively higher groups of income by those in relatively higher groups
of income-tax payers. The Reserve Bank of India also took certain steps
such as tightening its control over bank credit, raising of bank rate
and also raising of the rates of interest on deposits with a view to
encouraging savings. The bringing in of smuggling within the purview of
MISA and the necessary action in pursuance of this measure
has resulted in curbing the black money. These measures have
comparatively eased the situation. A distinct slowing down in the
rate of money supply was noticed. The price indices have also shown a
downward trend. There has been some improvement in the economy and
the coming year is expected to show a better prospect in this regard.

The State
Government have also taken such supporting action in this regard as was
necessary and possible in the context of the situation in the State.
Economy measures were adopted with a view to pruning the avoidable
expenditure. Emphasis is being continued on productive sectors and
schemes. Even though our budget for 1974-75 as presented, showed a net
closing deficit of about Rs.94.75 lakhs it is expected that owing to
better administration and recovery of resources, curtailment of
nonessential expenditure by economy measures and better monitoring of
the ways and means position the deficit would come down to a modest sum
of Rs.11.79 lakhs as the year closes.

Natural Calamities

3. As many as seven waves of floods
occurred in the entire plains areas of the Garo Hills and some low
lying border areas and valleys of Jaintia and Khasi Hills. We had
the heaviest known rainfall in living memory. There was extensive damage
to the crops as well as to the dwelling houses, roads, bunds and
culverts. The total area affected by the flood was 176.43 sq. K.M. and
the total damage of crops, etc. has been very high. The measures taken
by the State Government include extension of gratuitous relief in
deserving cases as far as possible and the distribution of seeds
on grant-cum-loan basis with a view to assisting cultivators. The total
cost of test relief schemes undertaken to provide employment to the
people in affected areas amounted to more than Rs.22 lakhs. The
gratuitous relief sanctioned to the affected population amounted to
Rs.2,12,258 and the seed loan-cum-grant amounted to more than Rs.5
lakhs. In this connection I would like to mention that the meagre
provision of Rs.4 lakhs per annum for expenditure on natural calamities
as made by the Sixth Finance Commission falls for short of the
requirement and actual expenditure.

Fifth Plan

4. The size of the Fifth Plan has not yet
been determined in view of the uncertainty on the resources front, due
to the fast increasing prices, and other factors. In my Budget Speech
for the last year, I had made a reference to the tentative
allocation of Rs.84.21 crores for the fifth Five Year Plan of the State.
This tentative size as suggested by the Planning Commission falls short
of even the bare needs of development for the State and would require
considerable step-up.

In the
context of the present economic situation, the need for expeditious and
effective implementation of plan programmes needs no reiteration.
The only way to cope with the present situation is to take all
steps to increase rate of economic growth and ensure expansion of
activities in productive sectors.

Annual Plan

5. Meghalaya's Annual
Plan 1974-75 has an outlay of Rs.13.63 crores which includes an
outlay of Rs.2.06 crores for the Minimum Needs Programme. According to
tentative estimates, this outlay is likely to be fully utilised except
in the field of Rural Electrification. he Rural Electrification
Programme was based on the loans from the Rural Electrification
Corporation (R.E.C.) to the extent of Rs.1.30 crores. the progress in
the formulation of these schemes by the A.S.E.B. was rather slow and a
major part of the amount is unlikely to be utilised. Apart from this, no
other major shortfall in the utilisastion of Plan outlays is anticipated
this year, and most outlays would be fully utilised. the N.E.C. schemes
for Meghalaya during 1974-75 up. Besides there are Centrally Sponsored
Schemes to the extent of Rs.199.01 lakhs.

Reappraisal of the Priorities

6. In the light of the current
economic situation a reprisal of the Plan priorities has been done and a
new strategy has been decided. In view of the escalation in the cost of
in-puts increase in outlays seems necessary. considering overall
constraint of resources. Substantial increase in the Plan outlays does
not seem possible. However, outlays in certain productive sectors for
the Annual Plan 1975-76 have been stepped up. Apart from placing
emphasis on productive programmes under Agriculture and allied
sectors in view of the requirements of the State, emphasis on transport
and communication is also necessary. The building up of
communication net-work is considered necessary for developing
infrastructure for Industrial Development as well as for improving
marketing facilities for agricultural produces. Increased emphasis
on power development is also necessary for ensuring development of
irrigation facilities for agricultural production and facilitating
industrial development in the State. In this context, the State
Government expect that their requirement for power development and
generation schemes will be given due consideration by the Planning
Commission and the Government of India.

Plan for 1975-76

7. As the result of a series of
discussions with the Planning Commission, the tentative outlay for the
annual plan for 1975-76 has been fixed at Rs.14.73 crores including the
provision for loans to Government servants for house building
which from the current year is being depicted in the Plan aside of the
budget. The Plan outlay also includes an allocation for power of Rs.2.13
crores which is the amount to go directly to the State electricity Board
from financial institutions such as the Life Insurance Corporation
and the Rural Electrification Corporation. This excludes the outlay for
power generation and transmission schemes as well as the major part of
the outlay on the administrative buildings which, according to the
latest scheme of classification, has to be accounted for in the
Plan. The question of augmentation of plan outlay in keeping with
these requirements has been taken up with the Planning Commission.
We expect just and fair consideration of our requirements in this regard
from the Planning Commission and the Government of India.

8. I have broadly describe the current
economic situation, both in the country and in Meghalaya and the
priorities and outlays of our Annual Plan for the next year. The
details of the economic programmes of the Government have been furnished
to this august House through a supplementary note which has
been laid in the House. I would not, therefore, like to take the
valuable time of the House in repeating what has been said in that
supplement. However, before I proceed on to discuss the important
aspects of the Budget proposals for 1975-76, I would like briefly to go
through the performance and the programmes of the Government in
important economic and administrative fields.

Agriculture

9. That Agriculture should from the sheet
anchor of any programme of economic development in a pre-dominantly
rural society, such as ours, needs no emphasis and has been well
recognised. Thus in the scheme of Planning Agriculture and its allied
sectors have been accorded the highest priority. Our programme for
Agriculture envisaged an annual growth rate of 4 percent for foodgrains
production and 4.9 percent for other crops during the Fifth Five-Year
Plan. The estimated foodgrains production in 1973-74 is 1.25 lakh
tonnes. A 4 percent increase on this base figure has not been possible
during 1974-75 as the current year has been one of the most
unfavorable years for agriculture. Hon'ble Members are no doubt fully
aware of the devastating and consecutive floods which affected our
summer paddy (Ahu) as well as the winter (Sali) paddy in the plains
areas of Garo Hills district. The upland paddy grown in the hill
areas of the State was also badly damaged due to the unprecedented high
level of rainfall during the year 1974. It may be of general interest to
mention here that at Cherrapunjee, the world's renowned wettest
place, the rainfall during 1974 was 2455.4 cms or 982 inches as
against 1093.6 cms or 437 inches during 1973and this was perhaps this
highest ever recorded. The increase in rainfall in most of the other
areas of the State was more or less of similar proportion during 1974
compared to 1973. A general reduction in the average agricultural yield
during 1974-75 was therefore feared. However, the State Government took
action to provide winter paddy (Sali) seeds to the major affected areas
for subsequent replanting whenever possible and also seeds for Rabi
crops such as Boro paddy, Wheat, Mustard, Pulses etc. Owing to the
measures taken to offset the damages caused by the flood, it is
anticipated that the foodgrains production would remain during 1974-75 ,
at least at the level of 1973-74 i.e., 1.25 lakh tonnes.

The target for foodgrains
during 1975-76 is 1.35 lakh tonnes. This is expected to achieved through
various programmes including an increase in area under high yielding
varieties of crops, application of fertilizers and manures and other
improved practices.

Potato is an important crop
of the State. Last year, the crop was seriously affected by 'blight'
caused by unfavorable weather conditions and high rainfall and the
anticipated higher yield could not be achieved. Steps are being taken to
introduce better yielding and disease-resistant varieties, particularly
Kufrijyoti, in large quantities.

n the horticultural front, a
special programme for rejuvenation of Citrus orchards has been started
on a limited scale. Depending has been started on a limited scale.
Depending on its success, the scheme would be taken up more
intensively.

Irrigation

10. Irrigation schemes, as was mentioned
by me last year, are now taken up only departmentally. A number of
schemes have been surveyed covering all the districts and work on 3 flow
irrigation schemes and 5 lift irrigation schemes are under process.
These may not be completed during the current year but would benefit the
farmers from next year onwards.

Soil Conservation

11. With an outlay of Rs.1.00 crore
during 1974-75 and Rs.1.10 crores during 1975-76, Soil Conservation
represents a major and important programme of economic development in
the State. 14 programmes, 8 in Garo Hills and 3 each in Khasi and
Jaintia Hills, have been taken up to settle about 900 jhumming families
under permanent cultivation practices. The programme is bold and novel.
It represents efforts to lift people, used to primitive methods of
destructive and labour expensive agriculture, to a different level
of agricultural technology involving new skills and tools. A Soil
Conservation Scheme in Garo Hills with and outlay of Rs.8.35
lakhs is being taken up during the current year under the N.E.C.
programme .During 1975-76, the package programme for controlling
shifting cultivation would continue and another 900 families are
expected to be benefited. In addition, extension of permanent
cultivation areas in other places, erosion control measures, development
of fodder and pasture areas, etc., would continue.

Animal Husbandry

12. Animal Husbandry is an integral part
of an Agricultural economy. The programmes of the Government in
this sector are designed to increase Veterinary facilities,
strengthening of the livestock and poultry farms to meet the
requirements of breeding stock to step up production of protective and
protein rich foods, like milk, meat and eggs and to educate the farmers
in modern livestock husbandry technology. Various measures have been
taken to achieve these objectives. The establishment of the Indo-Danish
Project and establishment of poultry and cattle farms have been
mentioned in my last budget speech. These programmes have
progressed satisfactorily . The N.E.C. has also sanctioned a Dairy
development project at Nongstoin and a crossbred cattle breeding farm at
Kyrdemkulai during the current year and work on these projects would
commence soon. Hon'ble Member would be happy to know that in the
All-India Livestock Show held in Delhi in November last year several of
our exhibits won prizes in competition with livestock brought from other
States advanced in Animal Husbandry. One of the severe handicaps
faced by the Government in this sector is lack of adequate trained
personnel. Attempts are being made to train more personnel for this
purpose.

Co-operation

13. In the sphere of co-operation,
emphasis is being placed on all the aspects of co-operative movement,
namely, marketing, expansion of the consumers co-operatives and rural
credit. With a view to utilising the co-operative institutions as
effective channels of marketing agricultural produce, and to
assist them in their endeavours in this regard, a Co-operative Apex
Marketing Federation is being set up. For the extension of rural credit
for productive purposes, taking up of necessary measures for
bringing down the over-dues is necessary . The consumers Co-operatives
play an important role as links in the chain of public distribution
system for essential commodities. It is expected that with
the implementation of the Master-Plan drawn up by the Department in
consultation with the Reserve Bank of India, the co-operative
movement in the State will show the desired improvement.

Community Development

14. As Hon'ble Members are aware,
the Development blocks in Meghalaya perform more functions than similar
agencies in other States. They are virtually the focal points of
local administration and function as administrative outposts or units.
In order to involve local leaders and non-officials more in the
programmes of the Block agency, the Government have appointed
non-official Chairman. This is an important step in promoting the
functioning of the Block as an integrated unit of planning and
development. Programmes such as Appalled Nutrition Programme,
covering 7 Blocks, Special Nutrition Programme, covering 6 blocks,
Special Nutrition Programme, etc., continues to be administered through
the Blocks. I had mentioned in my last Budget Speech about the proposals
to channelise funds for development through the Block agencies. The
allocation fro this purpose will be Rs.21.00 lakhs for the year 1975-76.

The allocation for the
Blocks at present also includes the outlay sanctioned by the Government
of India for the Tribal Development Blocks from the next year has come
as a shock. The question of continuing the financial assistance for the
Tribal Development Blocks has been taken up with the Government of
India.

Special Programme for the Backward
Classes

15. As the Hon'ble Members are aware, though
the entire State of Meghalaya is backward, yet there are areas
which are more backward compared to the remaining areas in the State.
The Fifth Plan of the State includes a special programme for the
development of these areas. The programme includes a survey to identify
in a more definite and precise manner the backward areas on the basis
of accepted economic indicators and preparation of integrated
project reports for making up the gaps in development in these areas.
This special programme is also being implemented through the Community
Development Department.

Communication

16. The programme relating to development
of communication consists of the schemes for construction of new
roads and surfacing of the existing roads. Work on the construction and
improvement of strategic and border roads, national high-ways and roads
under the schemes assisted by the North Eastern Council is also
proceeding satisfactorily.

Industries

17. Apart from the Associated
Beverages, Meghalaya Plywood's and Komorrah Limestone Mining
Company Ltd., which are functioning a beginning has been made
towards utilisation of tezpata by the setting up of a distillation
centre of Meghalaya Essential Oils and Chemicals Ltd., at Mawshamok. The
distillation of tezpata will enable the processing of one of the
important produces of the border areas. the work relating to the
setting up of a jute mill is in progress. Work on the setting up of
Fruit processing and canning units and roller flour mill will also start
soon. The proposed clinker factory will provide the nucleus
for industrial development and exploitation of the resources of
Nangalbibra areas in Garo Hills. The programme for expansion of
sericulture and weaving and small and cottage industries in the
State will continue under the plan.

Supplies of Essential Commodities

18. Our State has to depend to a
very large extent for supplies of essential commodities on sources
outside the State. At present the responsibility of arranging
foodgrains supplies rest with the Food Corporation of India. for anxiety
due to the breakdown of supplies. The State Government took the
necessary supporting action by setting up of check-gates to prevent
smuggling of foodgrains outside the State. The supplies of essential
commodities will be maintained through the public distribution system
and the co-operative consumers stores and fair price shops.

Tourism

19. The schemes already undertaken
continue. Work on the improvement of Shillong as an important
tourist centre has been progressing. A tourist festival organised
in Shillong in October, 1974, evoked good response Development works on
providing facilities to tourists at the Tura Peak at Tura and
improvement of the Thadlaskein lake at Jowai have been taken up.

Labour and Employment

20. A State Employment Market Information wing
and a training wing for Industrial Training Institute and
Apprenticeship training have been set up at the State Headquarters.
Other earlier schemes are continuing. The number of employment seekers
in the registers of the five Employment exchanges in the State on 31st
December, 1974, was 7027 as against 6927 on 31st December 1973,
with a slight rise in the number of educated employment seekers
(matriculates and above) Most of the persons registered belong to the
age group of 20-24 years followed by those between 15to 19 years.

Measures have been and will
continue to be taken by the Government to provide employment
opportunities through Plan Programmes as well as other measures.

Fisheries

21. The scheme for creation of flexible
sausage dams across streams to provide proper protection to fish from
indiscriminate exploitation has received good response. Attempts to
introduce exotic varieties of fish like Trout in the streams and
reservoirs are also being made.

Forests

22. The Hill areas of the Sate
provide ideal climatic and geographic conditions for the abundant growth
of forests which from the most beneficial renewable resource for the
State. Development of forest wealth of the State is essential for
preventing soil erosion and building up raw materials for the growth of
agro-industries in the State. Considering the large areas of
forests under the control and management of the District Councils, the
efforts of the Government will be to work in close co-operation with the
Councils. the setting up of Forest Development Corporation in which the
District Councils have been given due representation, is a step in this
direction.

Educatin

23. The programme for educational
development includes expansion of universal primary education in
accordance with the national objectives. The programme also includes
schemes for taking over of M.E. Schools and starting of Government
High Schools. Another important scheme in this regard is the
strengthening of Science teaching in the colleges. The State
Government have extended and will continue to extend full
assistance to the North Easter Hill University. Proceedings for
acquisition of land for the campus of the University have been
initiated and the State Government will provide the necessary fund for
the purpose. The starting of a pre-examination training Centre for
the coaching of candidates for I.A.S. and Central Services and the
re-starting of the U.P.S.C. Examination centre for All-India and
Central Services at Shillong are events of significance and these would
help considerably in equipping our youth to compete in these
examinations. The programme for social welfare and promotion of sports
and games are continuing.

Realising the need to
provide proper education to the children of families having a nomadic
existence due to shifting cultivation, the Government have decided to
open three residential schools, each for about 100 students, The work on
construction of these schools with hostel facilities would start soon.

Health

24. The extension of medical facilities
is an essential part of the social service sector of the
developmental programme of the State. There are signs of perceptible
improvement in the availability of doctors and para-medical personnel.
The work relating to improvement of hospitals and dispensaries will
continue. Expansion of primary health services is also continuing as
part of the minimum needs programme in this sector.

Flood Control

25. The occurrence of floods in extensive
area of the State during the current year has highlighted the
necessity for flood control work. The necessary provision in this regard
is being continued in the State Plan.

Water Supply

26. Preliminary work has been
commenced on the New Jowai Water Supply Scheme. The Greater
Shillong Water Supply Scheme could not be started yet and the revised
proposal to avoid submergence of dwelling houses by reducing the height
of the proposed dam are under scrutiny. Three waster supply schemes were
taken up at three areas in the Border and two more such schemes are
likely to be taken up during the current year.

Power

27. With the creation of a separate
Meghalaya State Electricity Board and transfer of all the generation,
transmission and distribution systems located in Meghalaya to it with
effect from 20th January, 1975, the stage is now set for accelerated
activity in the matter of Power development and use in the State. Under
the North Eastern Areas (Re-organisation) Act, 1971 , the final division
of assets and liabilities of the composite Assam State Electricity Board
is still to take place and this process is expected to be completed
soon. The new M.S.E.B. would place emphasis on speedy completion of the
Kyrdemkulai project and has already approached the L.I.C. for provision
of finances for this purpose. The North Eastern Council has sanctioned
funds for investigation of some hydel projects like Kynshi, Lashka and
Umiam Stage IV. While the investigation of Umiam Stage IV has already
commenced, the work on the other investigations is expected to be taken
up in consultation with concerned local authorities and public leaders.
The N.E.C. has also sanctioned the Kopili hydel project on the border of
Assam and Meghalaya and has authorised the new A.S.E.B. and
ME.S.E.B. to commence preliminary work in their respective areas. The
inter-state aspects of this project are under discussion between the
Governments of Assam and Meghalaya at present

As the Hon'ble Members are
aware, Meghalaya is rich in hydel and mineral resources for generation
of power. A judicious exploitation of these resources can contribute to
the development of our State and other States and units in the
north-east.

Mineral Development

28. The State continues to explore
a number of areas for investigating its rich mineral deposits.
Important among them are the work undertaken to prove the mine
ability of the coal reserves in the West Darrenggiri coal belt for
feeding the proposed Themal Power Plant and the Clinker Plant in that
area, the investigations in the Mawlong-Ichamati coalfield, etc.,
besides the investigations for limestone in Jaintia Hills Districts
mentioned by me last year.

Transport

29. The routes taken up by the Meghalaya
State Transport undertaking are being maintained with required passenger
services available fleet. Steps already taken for bifurcation of
the Assam-Meghalaya State Transport Corporation are progressing.

Land Reforms Commission

30. The Land Reforms Commission submitted
its report on 30th November, 1974 and it is now under examination
of the Government. A copy of the Report is placed on the Table of the
House. The printing of the report is expected to be completed within a
months' time and all the Members of the House will be sent a copy of the
printed report.

Border Areas Programmes

31. A sum of Rs.50.00 lakhs has been
earmarked for expenditure for the speedy development of the Border areas
in the State bordering Bangladesh, during 1974-75. The Schemes in this
regard cover all important rural development sectors. In addition,
the scheme for subsidy on transport of supplies to these
areas has been continued. The proposed outlay on the Border
areas programme for 1975-76 is Rs.65.00 lakhs. An administrative
machinery for proper co-ordination of development activities in the
Border areas has also been evolved.

Budget for 1975-76

32. Having touched upon the broad details
of the development programme of the Government, I will now mention
briefly the main features of the Budget Estimates for 1975-76. The total
estimated receipts during 1975-76 will amount to Rs.72.41 crores
including Public Accounts as against the revised estimates of Rs.69.60
crores for 1974-75. The estimated figure of expenditure for
1975-76 is Rs.73.27 crores.

During 1975-76 there
will be a surplus of Rs.1.99 crores on the revenue side whereas the
capital including Public Accounts will end up with a deficit of Rs.2.85
crores.

According to the indications
available so far, the Central Plan assistance during 1975-76 will
remain at the level of current year, that is Rs.8.85 crores. The
Government of India have so far agreed to open market borrowings for the
State Government at the level of Rs.2.20 crores which is much less than
the figure of Rs.3.87 crores of actual market borrowings during
the current year. The question of increasing the market borrowings for
1975-76 to the current year's level is being pursued within the
Government of India.

Deficit

33. The Budget estimate for 1975-76 show
an over-all deficit of Rs.97.99 lakhs. I regret very much that I am
presenting a deficit budget. The deficit has arisen due to circumstances
beyond our control. The main reasons for the deficit are the
reduction of the open market borrowing limit by the Government of India
from the current year's level of Rs.3.87 crores to Rs.2.20
crores which has resulted in diminution of over-all resources, as also
the anticipated increase in expenditure due to the payment of salaries
and dearness allowance to the State Government employees consequent
upon revision of pay-scales. I am confident that it would be
possible to wipe out this deficit provided the Government of India
agree to the proposed level of market borrowing and also make us
available the expected financial assistance.

Economics and mobilisation of resources

34. We are prepared to contribute our
share in the national efforts for mobilisation of resources.
Considerable economy was effected in the non-plan expenditure during the
current year as a result of which the estimated closing balance is
reduced to Rs.(-)11.79 lakhs as against sentation of the Budget
Estimates for 1974-75. Hon'ble Members may recall the the
Meghalaya (Sales of Petroleum and Petroleum Products including Motor
Spirit and Lubricants) Taxation (Amendment) Bill, 1974 passed by this
august House provides for increase in the rate of taxes on
petroleum products. The President's assent to the Bill is awaited. The
assessment of resources for the plan for 1975-76 includes mobilisation
of resources by the State Government to the extent of about Rs.5.00
crores by way of market borrowings, loans from Life Insurance
Corporation, Reserve Bank of India, etc. An additional resources
mobilisation of Rs.15 lakhs has also been included in the estimates. The
Taxation Enquiry Committee set up by the Government will submit its
report soon and its recommendations may result in increased accruals to
the State Exchequer. I also propose to introduce the Meghalaya Amusement
and Betting Tax (Amendment) Bill during the current session which
provides for increase in the rates of taxation on entertainment
tax and will help in additional mobilisation of resources.

The Meghalaya
Passengers and Goods Taxation (Amendment) Bill which is also
proposed to be introduced during the current session will
facilitate rationalisation of the Passengers and Goods Taxation
structure.

Conclusion

35. The Budget placed before the
august House by me today contains a blue -print of the
Government's programme towards achieving the objective of all-round
development and prosperity of the people of Meghalaya. The
situation today is full of challenges and it is the privilege and duty
of us all to put in our maximum endeavour towards the realisation
of the ideals of elimination of poverty and attainment of self-reliance
to which we are committed as a democratic nation.

Mr. Speaker, Sir, with these
words, I present the budget for 1975-76 for consideration and acceptance
of the House.

JAI HIND

ANNEXURE -I

THE FINANCIAL POSITION FOR THE YEAR 1975-76 WITH
CORRESPONDING
POSITION IN THE PREVIOUS YEARS.